Meeting Minutes

Board of Directors Meeting

Pacific Terrace HOA

May 8, 2006

The meeting was called to order by Mr. Rosencrantz.

Directors present: Others Present:

Don McNeill

Mike Plymale Paul Tice – GBTS general manager

Chiane Kathrens

David Rosencrantz

Terry Murphy

Jerry Leshgold

Stan Muir

Mr. Rosencrantz chaired the meeting in Mr. Starr’s absence.

Draft Meeting minutes for April 2006 had been previously distributed but were not approved during the meeting.

Mike Plymale presented the Treasurer’s report which is attached to these minutes. In summary, current income and expenses appear in line. Four accounts were addressed related to Units 411, 414, 428, and 440. The Board directed the Secretary to send letters consistent with the Board’s direction to those Unit Owners. (Append: This was done on May 12 and copies of the letters are also attached).

A discussion was had regarding estimated charges for connecting the new well to the existing irrigation system. The estimated charge is $7000 but will be performed on a time & materials basis. The estimate did not include the cost of repairing any of the existing irrigation system consequently it is likely that irrigation will not be provided to the center island or buildings 1-3.

A discussion was had regarding the 3’ fence behind building H. The Board agreed that this fence was not the responsibility of the unit owners in building H but was a common area fence and therefore the cost of its reconstruction was to come from the landscape budget.

Building colors were discussed. 3 sets of 3 will be put on one of the fences at the complex for Unit Owner comment. Craig Keist will be asked to propose other colors that compliment the roof color and they will be painted on the fence as well. (I was unclear whether painting would proceed without further BOD approval and when)

Craig Keist’s invoices were discussed. Craig is currently billing us on a T&M basis without cap. We asked that David Rosencrantz obtain a copy of his contract and secure an estimate of what Keist will charge to complete the project for the June meeting.

A discussion was had regarding the landscaping. Three approaches are to be addressed by Keist:

What can we do within budget;

What can we do if we stage the project over several years;

What would be done for the new estimate.

A discussion was held regarding late payments and any associated interest rate. The Board was agreed that payments against invoices are due immediately upon receipt and are to be paid in any event within 30 days of the invoice date. After due consideration and a vote, the Board resolved as follows:

“RESOLVED, payments against invoices not made within 30 days of the invoice date shall bear interest at the rate of 18% per annum (1.5% per month) with interest commencing on the date of original invoicing and continuing thereafter until such time as payment in full shall be made. A notice to this effect shall be mailed to the address of each Unit Owner of record and will appear on each invoice sent by or on behalf of the Association with such interest applicable for any period 3 days after mailing by the Association to the Unit Owners.

“RESOLVED, any amounts paid late shall first be applied to the interest owed thereon and only the Board (no single officer) shall be empowered to waive such interest.”

The Board agreed that Mr. Muir should proceed with the establishment of a website for the Homeowners Association.

The Board Directed Mr. Tice to investigate and obtain estimated costs for the preparation of an Asset Replacement Study for the Pacific Terrace complex.

No other matters being raised for the Board’s consideration, the President adjourned the meeting.

Stan Muir, Secretary